Rathbones Group PLC Buys 7,900 Shares of Marvell Technology, Inc. (NASDAQ:MRVL)

Key Points

• Rathbones Group PLC has increased its stake in Marvell Technology, Inc. by 1.0%, holding approximately $49.99 million worth of shares as of its latest SEC filing.
• Major institutional investors like Nuveen Asset Management and Goldman Sachs have also significantly increased their holdings in Marvell Technology, indicating strong institutional interest.
• Analyst price targets for Marvell Technology have been adjusted upwards, with a majority rating of "Moderate Buy," reflecting optimism about the company’s future performance.

Rathbones Group PLC grew its position in Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 1.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 811,847 shares of the semiconductor company's stock after purchasing an additional 7,900 shares during the period. Rathbones Group PLC owned approximately 0.09% of Marvell Technology worth $49,985,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Westpac Banking Corp raised its holdings in Marvell Technology by 109.8% during the first quarter. Westpac Banking Corp now owns 21,948 shares of the semiconductor company's stock worth $1,351,000 after acquiring an additional 11,488 shares in the last quarter. Bulltick Wealth Management LLC bought a new stake in Marvell Technology in the first quarter valued at approximately $570,000. Stone House Investment Management LLC bought a new stake in Marvell Technology in the first quarter valued at approximately $68,000. AIA Group Ltd raised its stake in Marvell Technology by 69.9% in the first quarter. AIA Group Ltd now owns 9,843 shares of the semiconductor company's stock valued at $606,000 after buying an additional 4,049 shares during the period. Finally, Cove Private Wealth LLC raised its stake in Marvell Technology by 1,423.5% in the first quarter. Cove Private Wealth LLC now owns 33,516 shares of the semiconductor company's stock valued at $2,064,000 after buying an additional 31,316 shares during the period. 83.51% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have issued reports on the company. The Goldman Sachs Group assumed coverage on Marvell Technology in a research note on Thursday, July 10th. They issued a "neutral" rating and a $75.00 price objective on the stock. Needham & Company LLC lowered Marvell Technology from a "buy" rating to a "cautious" rating in a research note on Wednesday, July 16th. Bank of America upped their target price on Marvell Technology from $80.00 to $90.00 and gave the company a "buy" rating in a research report on Wednesday, June 18th. Deutsche Bank Aktiengesellschaft decreased their target price on Marvell Technology from $100.00 to $85.00 and set a "buy" rating on the stock in a research report on Friday, May 30th. Finally, TD Cowen upped their target price on Marvell Technology from $60.00 to $70.00 and gave the company a "buy" rating in a research report on Friday, May 30th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $94.70.

Marvell Technology Price Performance

NASDAQ MRVL traded down $0.28 on Thursday, hitting $79.04. 10,110,106 shares of the company's stock were exchanged, compared to its average volume of 18,520,869. The stock has a 50-day moving average of $73.87 and a 200-day moving average of $73.82. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22. Marvell Technology, Inc. has a 52 week low of $47.08 and a 52 week high of $127.48. The stock has a market cap of $68.28 billion, a price-to-earnings ratio of -138.67, a P/E/G ratio of 0.84 and a beta of 1.83.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last announced its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, beating analysts' consensus estimates of $0.61 by $0.01. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. The company had revenue of $1.90 billion during the quarter, compared to analysts' expectations of $1.88 billion. During the same period in the prior year, the company earned $0.24 EPS. Marvell Technology's revenue was up 63.3% compared to the same quarter last year. Analysts expect that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Friday, July 11th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date was Friday, July 11th. Marvell Technology's dividend payout ratio is presently -42.11%.

Insider Activity

In other news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Monday, June 16th. The stock was sold at an average price of $68.52, for a total value of $102,780.00. Following the completion of the transaction, the chief financial officer directly owned 121,348 shares in the company, valued at approximately $8,314,764.96. This represents a 1.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Mark Casper sold 3,000 shares of the stock in a transaction on Friday, July 18th. The shares were sold at an average price of $72.35, for a total value of $217,050.00. Following the completion of the transaction, the executive vice president owned 17,163 shares of the company's stock, valued at $1,241,743.05. The trade was a 14.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,409 shares of company stock worth $445,964. Insiders own 0.19% of the company's stock.

Marvell Technology Company Profile

Marvell Technology, Inc, together with its subsidiaries, provides data infrastructure semiconductor solutions, spanning the data center core to network edge. The company develops and scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.